Analysts believe it is because there are 25% more high street retail shops than needed.

There has also been a massive shift to shopping online and towards “non-products”, such as mobile phone contracts, Netflix, restaurants and theatres.

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GOOD NEWS: More digital jobs are also being created said an analyst

But despite the challenges, physical stores will remain for the foreseeable future, but their form and function will change.

Stores will become much more about the “experience”, Mr Martin added.

He said: “In the last three years we have grown many more store numbers than we need.

“Especially in the non-food product categories. Selling products online is far cheaper than having really expensive real estates on the high street.”

But all is not doom and gloom as a staggering 400,000 new digital jobs have already been created in the retail sector.

A significantly higher number of workers will also be needed in distribution – such as delivery drivers, and pick and collect and packing staff, Mr Martin added.

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Poundworld is closing all of its stores after going into administration

“Stores will become less and less profitable”

UK head of retail at KPMG, Paul Martin

He said: “There has been a huge online penetration and a change of structure in retail shops.

"Online brands are perfect examples as they employ thousands of online workers where these jobs didn’t exist a few years ago."

Online shopping includes 18 to 19% of retail which is expected to rise to 30% in five years.

And though food is currently a staggering £360 billion business, representing 50% of all purchases, online food shops remain at a low 6-7%.

This is mainly because people prefer to buy fresh in store.

Mr Martin added: “The entire British retail is growing about only one percent, which is broadly food. And non food is declining by 3-4% per year. If we do the math, the online growth is taking away market share of stores."

KPMG

UK head of retail at KPMG, Paul Martin said very few retailers will be immune from it

But stores in prime Tier 1 areas such as Oxford Street in London and the Trafford Centre will continue to do well.

Smaller Tier 2 and 3 cities and towns are likely to continue to face the brunt of further job culling.

He added: “Customers want a seamless shopping experience. They want to return items in a store or through post and expect retailers to understand and recognise who they are.

“And this is what all legacy players are teeming for.”

The past couple of months rounded off a hellish few weeks for the British High Street.

Marks and Spencer and House of Fraser announced huge losses in sales, while Toys R Us faces a £15m bill to avoid entering administration.

Thomas Cook announced the closure of 50 of its travel agents, while Lloyds Banking Group said it was shutting down a raft of Halifax, Bank of Scotland and Lloyds Bank branches.